Bitcoin’s recent surge above resistance levels dating back to August 2022 strengthens the potential for continued upside, with $28,000 currently in sight.
Bitcoin Breaks Key Resistance Levels, Sets Sights on $28,000
Bitcoin’s upward momentum shows no signs of slowing down as the top cryptocurrency surged above key resistance levels during Asian trading hours on Friday. A breakout of the resistance level dating back to August 2022 and a limited rise last month shifted the focus to the next technical hurdle above $28,000.
Marcus Thielen, Head of Research and Strategy at Matrixport, a cryptocurrency financial services company, said: CoinDesk:
“Bitcoin now has a chance to rise to the next tech level of $28,000.”
He also noted that Bitcoin rose, reacted and retested from $4,000 increments ($16,000, $20,000, $24,000) amid larger price swings.
READ MORE: Bitcoin Open Interest Down Nearly 15% Over the Past Two Weeks
Bitcoin price hits 39-week high, surges from $19,000 to $26,000, but sees leverage unwinding and all cryptocurrencies now worth $1.14 trillion Analysts believe Bitcoin price will likely remain bullish.
In addition to technical indicators, Bitcoin’s moves also seem to correlate with rate-sensitive tech stocks. Wall Street’s tech-heavy Nasdaq index rose 2.6% on March 16, confirming a bullish pattern on the daily chart.
Bitcoin’s recent surge in price is likely to reignite debate over cryptocurrency volatility and prospects. It looks like
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At the time of press, Bitcoin ranks first in terms of market capitalization, and the price of BTC is Up 10.09% Within the last 24 hours. The market capitalization of BTC is $531.19 billion 24 hours trading volume $51.72 billion. Learn more >
Market overview
At the time of press, the global cryptocurrency market is valued at $1.17 trillion at the 24-hour volume of $86.13 billionBitcoin dominance is now 45.46%. Learn more >
